This bill modifies the vesting requirements for employer contributions made to a defined contribution plan.
This bill:
- provides that employer nonelective contributions made on behalf of an employee to a defined contribution plan vest upon the member's termination of employment, if the member or the member's spouse is a military service member who receives permanent change of station or relocation orders outside the state;
- allows specified Utah National Guard personnel, including the adjutant general, to elect to be exempt from the retirement systems, allowing employer contributions to vest immediately; and
- makes technical and conforming changes.
Recommended by: Retirement and Independent Entities Interim Committee

Statutes affected:
Introduced: 49-12-203, 49-13-203, 49-22-205, 49-22-303, 49-22-401, 49-23-302, 49-23-401